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Aok2345
Returning Member

Home improvements for sale of home: less than 250K, no capital gains, do I still need to get into the home improvement costs??

 
5 Replies
Coleen3
Intuit Alumni

Home improvements for sale of home: less than 250K, no capital gains, do I still need to get into the home improvement costs??

No, you do not have to, but unless you don't have the information, it is not a bad idea. Always try to be as accurate as possible.
Coleen3
Intuit Alumni

Home improvements for sale of home: less than 250K, no capital gains, do I still need to get into the home improvement costs??

You don't have to comb through 30 years worth of docs. You do have to include the sale, since you got a 1099-S, but if you know for a fact there is no gain, dispense with the improvements.
Coleen3
Intuit Alumni

Home improvements for sale of home: less than 250K, no capital gains, do I still need to get into the home improvement costs??

I attempted to provide you with this answer on the other page but was unable to.
Aok2345
Returning Member

Home improvements for sale of home: less than 250K, no capital gains, do I still need to get into the home improvement costs??

Thank you TurboTaxColleen. I appreciate your reply, and yes, I found the other question string did not allow me to comment any more either.
DoninGA
Level 15

Home improvements for sale of home: less than 250K, no capital gains, do I still need to get into the home improvement costs??

If you sold your primary personal residence and you lived in and owned the home for at least two years in the five year period on the date of sale, you do not have to report the sale if your gains are less then the exclusion amounts of $250,000 if filing Single or $500,000 if filing Married Filing Jointly (and both lived in the home for two years).  

If you had a gain greater then the exclusion amounts then you would have to report the sale.  Also, if you received a Form 1099-S for the sale either with a gain or a loss, the sale has to be reported.

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